Quarterly ResultMay 4, 2026, 04:13 PM
Backblaze Q1 Revenue $38.7M, B2 Storage +24%; FY26 Outlook Raised
AI Summary
Backblaze reported strong first-quarter 2026 financial results, exceeding revenue and Adjusted EBITDA guidance. Total revenue increased 12% year-over-year to $38.7 million, driven by a 24% growth in B2 Cloud Storage revenue. The company also significantly improved its net loss to $6.1 million and achieved a non-GAAP net income of $2.7 million. Backblaze raised its full-year 2026 revenue and Adjusted EBITDA margin outlook, citing growing traction with AI customers and strategic go-to-market initiatives.
Key Highlights
- Q1 2026 Revenue increased 12% YoY to $38.7 million.
- B2 Cloud Storage revenue grew 24% YoY to $22.4 million.
- Net loss improved to $6.1 million from $9.3 million in Q1 2025.
- Adjusted EBITDA rose to $10.1 million (26% margin) from $6.4 million (18%) YoY.
- Annual Recurring Revenue (ARR) increased 13% YoY to $158.2 million.
- AI customer count grew 76% YoY, contributing $1.5 million in annual contract value.
- Full-year 2026 revenue outlook raised to $161.5 million-$163.5 million.
- Full-year 2026 Adjusted EBITDA margin outlook raised to 23%-25%.